There is nothing intrinsic about Canadian people that makes them risk adverse. This is an institutional failing.

You are correct that we are not productive as we should be due to real estate being the primary focus of investment, but that's a failing of the banks and of policy.

There are lots of policies that can make housing less speculative, including Georgist-style taxes that could be gradually introduced.

All I know is that the average person on the street is not responsible for how bankers choose to invest their money.